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Moeder Co. uses a sales journal, a purchases journal, a cash receipts journal, a cash disbursementsjournal, and a general journal. The following transactions occur in the month of November.Nov. 3 Purchased $3,100 of merchandise on credit from Hargrave Co., terms n20.7 Sold merchandise costing $840 on credit to J. York for $900, subject to a $18 sales discountif paid by the end of the month.9 Borrowed $2,750 cash by signing a note payable to the bank.13 J. Emling, the owner, contributed $4,000 cash to the company.18 Sold merchandise costing $130 to B. Box for $230 cash.22 Paid Hargrave Co. $3,100 cash for the merchandise purchased on November 3.27 Received $882 cash from J. York in payment of the November 7 purchase.30 Paid salaries of $1,600 in cash.Prepare headings for a cash receipts journal like the one in Exhibit 7.7. Journalize the Novembertransactions that should be recorded in the cash receipts journal.
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